Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ rounds out 3rd monthly trade deficit, dairy exports fall

NZ rounds out third monthly trade deficit as dairy exports fall

Nov. 27 (BusinessDesk) - New Zealand chalked up its third monthly trade deficit in October, repeating last year’s pattern, as shipments of dairy products fell and imports rose.

The deficit was $718 million last month from a revised gap of $775 million a month earlier, according to Statistics New Zealand. The annual deficit widened to $1.37 billion from a deficit of $880 million in the 12 months through September.

Exports in the month were valued at $3.46 billion, up from $3.3 billion in September, though down from $3.89 billion in October 2011.

Shipments of dairy products dropped 20.2 percent to $813 million in the latest month from a year earlier, while meat exports fell 6.6 percent to $277 million. Log exports grew 5.1 percent to $294 million and exports of crude oil tumbled 27 percent to $132 million.

Imports grew to $4.18 billion in October from $4.08 billion in September and were up from $4.11 billion in October 2011.

Imports of petroleum and related products rose 0.7 percent to $636 million last month from a year earlier. Imports of mechanical machinery fell 3.5 percent to $497 million while imports of vehicles and parts gained 4.5 percent to $454 million. Electrical machinery imports rose 11 percent to $412 million.

China was the biggest source of imports last month, rising 10.5 percent to $731 million, followed by goods from Australia, which fell 4 percent to $626 million. The US was in third place, falling 3.1 percent to $369 million.

Australia remained the biggest market for New Zealand products, with shipments falling 4.6 percent to $912 million, while those from second-ranked China fell 6.4 percent to $456 million, and from the US declined 8.7 percent to $281 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news